Billionaire Mark Lasley is reportedly considering a bid to purchase the WNBA’s Connecticut Sun, according to an informed source who spoke on condition of anonymity due to the confidential nature of the discussions. The Sun’s current owners engaged the investment bank Allen & Company in May to explore the possibility of selling the franchise. Since relocating from Orlando in 2003, the team has been owned by Mohegan Sun, a branch of the Mohegan Tribal Gaming Authority.
Lasley has not commented publicly, and Allen & Company did not respond to requests for comment. Connecticut Governor Ned Lamont expressed support this month for efforts to keep the team in the state amid interest from political leaders in Massachusetts and Rhode Island. The Sun remains Connecticut’s only major professional sports team. Lamont mentioned backing from “former NBA team owners” for the bid, noting that Lasley sold a 25% stake in the Milwaukee Bucks in 2023 at a valuation of $3.2 billion. If successful, the Sun would play many games at the People’s Bank Arena in Hartford, formerly the Hartford Civic Center, which recently underwent $145 million in renovations with $118 million funded by the state. Currently, the team plays at the Mohegan Sun Arena in Uncasville.
In recent years, the Sun experienced player departures including stars Alyssa Thomas and Dijonai Carrington, contributing to the team holding the WNBA’s worst record of 4-21 this season. As the smallest media market in the league, sales discussions have included potential relocation. The team’s current practice facilities have drawn criticism from players due to shared use with Mohegan tribe events, limiting court availability.
Despite challenges, the franchise’s value has grown alongside rising WNBA franchise prices. The most recent WNBA ownership transaction was in 2021, with Larry Gottesdiener leading a group to buy the Atlanta Dream for $7-$10 million. Mark Davis purchased the Las Vegas Aces for about $2 million last year. Recent expansions highlight increasing valuations, with the San Francisco and Toronto teams each costing $50 million, Portland’s expansion at $75 million, and the WNBA’s latest three-team expansion in Cleveland, Detroit, and Philadelphia carrying a total $250 million fee.
Allen & Company is managing the league’s expansion process, which was initially planned for one new team but expanded to three due to high demand from over 10 bidding groups. Financial growth and rising engagement are setting the stage for challenging collective bargaining negotiations, as the current CBA has been opted out since the 2024 season.
Lasley co-founded Avenue Capital, managing over $11 billion in assets, and recently raised nearly $450 million to launch a sports-specific fund. His sports investments include TGL, SAILGP, PBR franchises, and women’s basketball startups. He also explored purchases in the NWSL, including Angel City FC and North Carolina Courage, though the latter deal stalled due to private equity ownership restrictions in the league. The WNBA currently prohibits private equity firms from owning controlling shares.
Lasley has strong ties to Connecticut, having moved to the U.S. as a child and grown up in West Hartford, and he maintains a home in Westport. Last month, the Sun’s franchise was valued at $180 million, ranking 12th in the WNBA.
Fan Take: This potential ownership change could be a turning point for the Connecticut Sun and the WNBA, signaling growing investment interest and stability for a team in a smaller market. Keeping the Sun in Connecticut with upgraded facilities could boost local support and demonstrate the league’s expanding footprint in women’s professional sports.
